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基于EVA和B-S模型的互联网企业价值评估

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我国高度重视互联网行业的发展,但是互联网作为一个风险高增长快的行业,如何对其进行准确、恰当、合理的价值评估对投资者以及企业管理者来说十分重要.文章以网易为研究对象,基于EVA法确定企业的现有价值,基于实物期权法中的B-S模型确定企业的潜在价值,提出互联网企业价值评估的有效方案.通过对网易的实证分析,发现这一组合评估模型估计的企业价值与企业实际价值十分接近,在一定程度上解决了互联网企业资产价值估值难的问题,为该类企业的评估提供了思路.
Value Assessment of Internet Enterprises Based on EVA and B-S Models
China attaches great importance to the development of the internet industry.But the internet as a high-risk and fast-growing industry,how to carry out the accurate,appropriate and reasonable value assessment is very important for investors as well as business managers.This paper takes NetEase as the research object,determines the existing value of the enterprise based on the EVA method,determines the potential value of the enterprise based on the B-S model in the real option method,and puts forward an effective program for the value assessment of internet enterprises.Through the empirical analysis of NetEase,it is found that the enterprise value estimated by this combination of valuation models is very close to the actual value of the enterprise,which solves the problem of difficult valuation of the asset value of the internet enterprise to a certain extent,and provides ideas for the assessment of this type of enterprise.

internetEVAreal optionsenterprise value assessment

刘茹悦、朱广印

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青岛理工大学 商学院,山东 青岛 266520

互联网 EVA 实物期权 企业价值评估

2024

商业观察

商业观察

ISSN:
年,卷(期):2024.10(26)